The bitcoin network saw another adjustment in mining complexity on Tuesday. The figure increased by 3.2% to 19 trillion hashes. This is evidenced by data from aggregator btc.com.
Mining complexity has been increasing since mid-July (five times in a row), and has already grown by 31% – from 13.7 trillion hashes to 19 trillion hashes. In September, however, the rate of increase in mining complexity slowed somewhat.
On July 3, bitcoin’s mining complexity figures fell by a record 27.94%. From late spring to almost mid-summer, the complexity declined four times in a row – the first time in 10 years. Complexity fell due to the actions of the Chinese government, which was actively pushing miners out of the country. As a result, about 90% of the mining companies in the country ceased operations. The migration took a long time, resulting in fewer miners in the network, so the recalculation of the complexity embedded in the bitcoin network algorithm showed a significant and prolonged decline.
Despite five consecutive positive adjustments, bitcoin’s current mining complexity level is still far from the record high of over 25 trillion hashes recorded in May 2021.